Built to inform

Sign up for the daily newsletters

No, Thank you

Qatar to invest $18bn in Egyptian projects

Giant $10bn tourist resort and $8bn of industrial schemes gain backing

NEWS, Projects, Egypt, Investment, Qatar, Tourism

The country is set to invest $8bn in gas, power and iron & steel plants along the northern entrance to the Suez canal and $10bn on a giant tourist resort anlong Egypt's Mediterranean coast, according to Arab News.

Qatar's Prime Minister Sheikh Hamad bin Jassim Al-Thani said: “We spoke with President Muhammad Mursi and agreed to invest $8bn on a power plant, natural gas and iron steel,” he said.

“This will be in a integrated complex in East Port Said.”

Speaking at a joint news conference with Egyptian PM Hisham Kandil, al Thani said the investment in the Port Said project would be made over a five-year period.

Egypt has received more than $5bn in loans and budget support from various organisations to help with the nation's reconstruction over the past few months - including $2bn in direct loans from Qatar.

It has already deposited $500m with the Egyptian Central Bank and said the remainder would be paid in over the next three months.

 

 

Most popular

Awards

New category open for consultancies at CW Awards 2019 in Dubai
Sub-Consultancy of the Year to be crowned for the first time at the gala ceremony

Conferences

Leaders UAE 2019: Pinsent Masons confirmed as Gold Sponsor
Law firm is among the major construction industry players confirmed as sponsors for Leaders UAE's
Leaders in Construction UAE Summit returns in Sept 2019
Dubai conference to see top officials discuss the people, trends, and challenges that will power

Latest Issue

Construction Week - Issue 747
Aug 03, 2019